Global Biochemical Market size was valued at USD 83.70 Bn in 2022 and is expected to reach USD 143.45 Bn by 2029, at a CAGR of 8 %.
OverviewBiochemical (Bio-Based Chemicals), are derived through biological resources including plants, animals and microorganisms. It isdifferent from traditional petrochemicals, which are derived from fossil fuels. Biochemicals have gained significant attention in recent years due to their sustainable and eco-friendly nature as well as providingalternatives to conventional chemical products. The key industries utilizing biochemical include pharmaceuticals, agriculture, food and beverages, cosmetics, and bioenergy. In the pharmaceutical sector, it is used for drug development and formulation, while in agriculture, used as bio-based pesticides and fertilizers. The food and beverage industry uses biochemicals as natural additives and preservatives, while cosmetics incorporate them as skin-friendly ingredients. Also, biochemicals play a key role in bioenergy production through the generation of biofuels including biodiesel and bioethanol. Their eco-friendly nature and versatile applications make biochemicals essential components for sustainable and diverse industries. The explosion of environmental concern regarding reducing emissions, and the production of biofuels such asethanol, bio-methanol and biodiesel are factors driving the Biochemical Market growth.Their focus on research and development has resulted in a diverse portfolio of cutting-edge biochemical products. Leveraging advanced biocatalysis and metabolic engineering as well as their commitment to sustainable practices and eco-friendly solutions resonates with customers seeking premium bio-based alternatives.To know about the Research Methodology :- Request Free Sample Report
Global Biochemical Market DynamicsIncreasing Demand for Sustainable and Renewable Resources Key Driver for the Market Growth Biochemicals often have a lower carbon footprint and reduce greenhouse gas emissions, supporting the transition towards a more eco-friendly and circular economy. The growing global awareness and concern regarding environmental sustainability is a driving factor for Biochemical Market growth.Biochemicals are derived from renewable resources such as biomass, agricultural residues, and waste materials. Industries and consumers are looking toward fossilfuel-based products, biochemicals present a viable solution. This solution is a sustainable option for the environment as compared to petrochemical-based products. Biochemicals are a driving force in the energy transition, making up a growing portion of the renewables market. For instance, with Long-standing technical and chemical expertise, Technip Energies help clients transition smoothly into the bio-based chemicals market and promote sustainability. An advanced biofuel of exceptional quality that complies with ASTM D6751 criteria is produced using a chemical process known as transesterification. The B20 and lower blends, as well as blends up to the B100, have been effectively employed by both modern older diesel engines and brand-new versions that have just rolled off the production line.Favorable Government Regulations and Incentives to Fuel the Market Growth Government policies and regulations play a major role in shaping the growth of the biochemical market. Many countries have implemented policies that promote the use of renewable resources and eco-friendly products, offering various incentives, subsidies, and tax benefits to companies investing in biochemical production. These incentives not only encourage existing companies to adopt more sustainable practices but also attract new entrants into the biochemical industry. Furthermore, increasing awareness of climate change and environmental issues has driven governments to focus on supporting green industries, which include the biochemical sector. Some policies in the Indian government are as below that are influencing the market growth potential. Technological initiatives: The Technology Development and Innovation Policy (TDIP) released on the 6th of October 2017 endeavored to promote research, development, and demonstration (RD&D) in the renewable energy sector. RD&D intended to evaluate resources, progress in technology, commercialization, and the presentation of renewable energy technologies across the country. Financial initiatives: One hundred percent financial assistance is granted by the MNRE to the government and NGOs and 50% financial support to the industry. The policy framework was developed to guide the identification of the project, formulation, monitoring appraisal, approval, and financing. Between 2012 and 2017, 4467.8 million INR, 62.52 Million USD) support was granted by the MNRE. The MNRE wanted to double the budget for technology development efforts in renewable energy for the current three-year plan period. The wind-solar hybrid policy—2018: On the 14th of May 2018, the MNRE announced a national wind-solar hybrid policy. This policy supported new projects (large grid-connected wind-solar photovoltaic hybrid systems) and the hybridization of the already available projects. These projects tried to achieve optimal and efficient use of transmission infrastructure and land. Growing Demand for Biochemicals in End-user Industries to Drive the Market Growth The demand for biochemicals is steadily increasing across various end-user industries, including pharmaceuticals, agriculture, food and beverages, cosmetics, and biofuels. For instance, in the pharmaceutical industry, biochemicals are utilized in the production of active pharmaceutical ingredients (APIs) and excipients due to their biocompatibility and reduced environmental impact. In agriculture, bio-based pesticides and fertilizers are gaining traction as alternatives to synthetic chemicals, driven by concerns about environmental pollution and food safety. The food and beverage industry is expected toincrease the use of natural preservatives and flavor enhancers derived from biochemicals and boost the Biochemical Market. Also, the biofuels sector is benefiting from an increasing focus on renewable energy sources and a desire to reduce dependence on fossil fuels. Investment in biochemical production capacity is starting to increase from a very low base. Rapid technical progress is also being made in regions such as the US, Asia and Brazil, with a particular focus on facilities using readily available sugar and starch feedstocks.Biochemical Market Growth Opportunity: The Biochemical Market growth is driven by, thanks to key opportunities such as advancements in biotechnology and enzyme engineering, and the adoption of circular economy principles through waste-to-biochemical conversion. With an increasing focus on sustainability and waste reduction, the idea of converting organic waste and biomass into valuable biochemicals has gained momentum. Cost Competitiveness and Scale-up Challenges to Hinder the Market: The high cost of competitiveness of bio-based products compared to their petrochemical and production of biochemicals is more expensive. These factors required high investment in using renewable feedstocks, sophisticated biotechnological processes, and limited economies of scale. As a result, biochemicals are expected to struggle to compete with cheaper petrochemical alternatives in certain applications and industries. Also, technological limitations, infrastructure and supply chain constraints, and regulatory and policy challenges are some otherrestraining factors for Biochemical Market growth.
Biochemical Market Segment AnalysisThe Biochemical Market is segmented into product type, application and region. On the basis of the global market is analyzed into five major regions such as North America, Europe, APAC, South America and Middle East Africa. By Product Type: Based on product type, the biodiesel segment dominated the largest Biochemical Market share in 2022.Increasing demand for clean and renewable fuel sources across the various countries in the region is a key driver for the segment growth. For example,India’s biodiesel production was at the level of 3.1 thousand barrels per day in 2021, down from 3.44 thousand barrels per day the previous year, this is a change of 10.00%. Also, this year, its consumption for India was 53.73 thousand barrels per day with a CAGR of 25.4%. Consumer awareness regarding the environment such as the use of biodieselhas limited sourcesand high expenses of nonrenewable energy like gasoline, diesel, and liquefied petroleum gas (LPG). Also, technological development is expected to influence the segment such as the arrival of third-generation biofuels generated from algae, which produce a wide variety and a significant volume of ethanol in contrast to earlier feedstocks. The algae are converted into various types of renewable biofuels including bioethanol, biodiesel, biogas, photobiological produced biohydrogen, and further processing for bio-oil and syngas production through liquefaction and gasification, respectively.By Application: Based on application, the automotive segment held the largest Biochemical Market share in 2022 and is expected to growat a significant CAGR over the forecast period.Thechangeswith improved living standards and growth of disposable income are driving factors for the automotive industryexpansion. Demand for biodiesel in the automotive industry is expected to influence the market size growth. However, the food processing sector is expected to see significant growth due to the increasing demand for food ingredients produced using bio-based chemicals. The expansion of packaged food industry in the Middle East is expected to drive demand for food ingredients and bio-based chemicals.
Biochemical Market Regional AnalysisAsia Pacific dominated the largest global Biochemical Market share in 2022. The growing use of biofuel across the industry such as the market is driven by rapid industrialization, increasing population, and rising disposable income. The adoption of bio-based technologies, with a particular focus on healthcare, cosmetics, and personal care products. The region's agriculture industry is also embracing bio-based solutions to improve yields and sustainability. Also, government initiatives to promote renewable energy have bolstered the production and consumption of biofuels, further fueling the demand for biochemicals. The use of biochemicals in food processing and pharmaceutical industries also influences regional market growth. Revenue for the Biochemical Product Manufacturing industry in China has steadily grown over the past five years. Revenue is expected to rise by an annualized 11.5% over the five years through 2022, to reach $109.7 billion. The government has increased investment in the industry to ensure it follows an integrated and international development model and to encourage new research-and-development (R&D) projects. The government has also been assisting the industry in terms of favorable policies and healthcare reforms that drive demand for industry products in the Biochemical Market. Biological and Biochemical Product Manufacturing in China industry, including Changchun High-Tech Industries Inc., China National Pharmaceutical Group Corporation, Hualan Biological Engineering Inc. and Shanghai RAAS Blood Products Co. Ltd. North American Biochemical Market is expected to grow at a significant CAGR over the forecast period. The robust technology innovation for research and development in US and Canada has capabilities that lead a constant stream of new bio-based products. From pharmaceuticals to agriculture and renewable energy, the applications of bio-based chemicals are vast and ever-expanding. The region's well-established pharmaceutical and healthcare sectors drive the demand for biochemical ingredients in drug development, while its thriving agriculture industry relies on bio-pesticides and bio-fertilizers for sustainable practices.
Competitive Landscape:The global biochemical market is highly competitive, comprising established players and emerging companies. Key factors determining competitiveness include market share, product portfolio diversity, technological advancements, global reach, and sustainability initiatives. Companies investing in research and development to drive innovation and process efficiency gain a competitive edge. Understanding the competitive landscape allows stakeholders to make informed decisions, develop effective strategies, and identify partnership opportunities to capitalize on the growing demand for eco-friendly biochemicals across various industries. In the competitive global biochemical market, key players adopt diverse strategies to secure their positions. These companies navigate the evolving landscape by addressing environmental concerns, meeting customer needs, and leveraging advanced technologies. As the demand for eco-friendly solutions intensifies, competition in the biochemical market will continue to spur innovation and shape the industry's future.
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Biochemical Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 83.70 Bn. Forecast Period 2023 to 2029 CAGR: 8% Market Size in 2029: US $ 143.45 Bn. Segments Covered: by Product Type Biodiesel Amino Acids Fine Chemicals Phytochemicals Antibiotics Dyes & Stains Health Care by Product Reagent Amino Alcohols Antibody Production and Purification Reagents and Kits Carbohydrates DNA Reagents Filter Aids and Diatomaceous Earth Fluorescent in situ hybridization Reagents Food Chemistry Kits and Reagents Others by Application Pharmaceuticals Dairy Automotive Agriculture Textile Food Processing
Global Biochemical Market, by RegionNorth America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)
Biochemical Key Players1. United States Biological 2. European Biomass Industry Association 3. Archer Daniels Midland 4. Marathon Petroleum Corporation 5. Hansen A/S 6. Cargill Inc. 7. Naturex SA 8. IndenaSpA 9. Linnea SA 10. BASF SE 11. Arboris LLC 12. LIPO Foods 13. Neste 14. Shell Plc 15. Ajinomoto Co., Inc. 16. KYOWA HAKKO BIO CO., LTD. 17. Evonik Industries AG 18. AMINO GmbH 19. HERO BX 20. Ag Processing Inc. 21. VERBIO 22. Renewable Energy Group, Inc. 23. NOVAOL, Italy 24. ARGENT ENERGY 25. MOL Group 26. Dupont De Nemours & Co ltd 27. Martin Bauer GmbH &Co. KG Frequently Asked Questions: 1] What is the growth rate of the Global Biochemical Market? Ans. The Global Biochemical Market is growing at a significant rate of 8 % during the forecast period. 2] Which region is expected to dominate the Global Biochemical Market? Ans. APAC region is expected to dominate the Biochemical Market growth potential during the forecast period. 3] What is the expected Global Biochemical Market size by 2029? Ans. The Biochemical Market size is expected to reach USD 143.45 Bn by 2029. 4] Which are the top players in the Global Biochemical Market? Ans. The top players in the market include United States Biological, European Biomass Industry Association, Archer Daniels Midland and others. 5] What are the factors driving the GlobalBiochemical Market growth? Ans. The increasing demand for cleaner fuels and fine chemicalsis expected to drive market growth.
TOC: 1. Biochemical Market: Research Methodology 2. Biochemical Market: Executive Summary 3. Biochemical Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Key Players Benchmarking 3.4. Market Structure 3.4.1. Market Leaders 3.4.2. Market Followers 3.4.3. Emerging Players 3.5. Consolidation of the Market 4. Biochemical Market: Dynamics 4.1. Market Trends by Region 4.1.1. North America 4.1.2. Europe 4.1.3. Asia Pacific 4.1.4. Middle East and Africa 4.1.5. South America 4.2. Market Drivers by Region 4.2.1. North America 4.2.2. Europe 4.2.3. Asia Pacific 4.2.4. Middle East and Africa 4.2.5. South America 4.3. Market Restraints 4.4. Market Opportunities 4.5. Market Challenges 4.6. PORTER’s Five Forces Analysis 4.7. PESTLE Analysis 4.8. Value Chain Analysis 4.9. Regulatory Landscape by Region 4.9.1. North America 4.9.2. Europe 4.9.3. Asia Pacific 4.9.4. Middle East and Africa 4.9.5. South America 5. Biochemical Market Size and Forecast by Segments (by Value USD and Volume Units) 5.1. Biochemical Market Size and Forecast, by Type (2022-2029) 5.1.1. Biodiesel 5.1.2. Amino Acids 5.1.3. Fine Chemicals 5.1.4. Phytochemicals 5.1.5. Antibiotics 5.1.6. Dyes & Stains 5.2. Biochemical Market Size and Forecast, by Product Reagent(2022-2029) 5.2.1. Amino Alcohols 5.2.2. Antibody Production and Purification Reagents and Kits 5.2.3. Carbohydrates 5.2.4. DNA Reagents 5.2.5. Filter Aids and Diatomaceous Earth 5.2.6. Fluorescent in situ hybridization Reagents 5.2.7. Food Chemistry Kits and Reagents 5.2.8. Others 5.3. Biochemical Market Size and Forecast, by Application (2022-2029) 5.3.1. Pharmaceuticals 5.3.2. Dairy 5.3.3. Automotive 5.3.4. Agriculture 5.3.5. Textile 5.3.6. Food Processing 5.4. Biochemical Market Size and Forecast, by Region (2022-2029) 5.4.1. North America 5.4.2. Europe 5.4.3. Asia Pacific 5.4.4. Middle East and Africa 5.4.5. South America 6. North America Biochemical Market Size and Forecast (by Value USD and Volume Units) 6.1. North America Biochemical Market Size and Forecast, by Type (2022-2029) 6.1.1. Biodiesel 6.1.2. Amino Acids 6.1.3. Fine Chemicals 6.1.4. Phytochemicals 6.1.5. Antibiotics 6.1.6. Dyes & Stains 6.2. North America Biochemical Market Size and Forecast, by Product Reagent(2022-2029) 6.2.1. Amino Alcohols 6.2.2. Antibody Production and Purification Reagents and Kits 6.2.3. Carbohydrates 6.2.4. DNA Reagents 6.2.5. Filter Aids and Diatomaceous Earth 6.2.6. Fluorescent in situ hybridization Reagents 6.2.7. Food Chemistry Kits and Reagents 6.2.8. Others 6.3. North America Biochemical Market Size and Forecast, by Application (2022-2029) 6.3.1. Pharmaceuticals 6.3.2. Dairy 6.3.3. Automotive 6.3.4. Agriculture 6.3.5. Textile 6.3.6. Food Processing 6.4. North America Biochemical Market Size and Forecast, by Country (2022-2029) 6.4.1. United States 6.4.2. Canada 6.4.3. Mexico 7. Europe Biochemical Market Size and Forecast (by Value USD and Volume Units) 7.1. Europe Biochemical Market Size and Forecast, by Type (2022-2029) 7.1.1. Biodiesel 7.1.2. Amino Acids 7.1.3. Fine Chemicals 7.1.4. Phytochemicals 7.1.5. Antibiotics 7.1.6. Dyes & Stains 7.2. Europe Biochemical Market Size and Forecast, by Product Reagent (2022-2029) 7.2.1. Amino Alcohols 7.2.2. Antibody Production and Purification Reagents and Kits 7.2.3. Carbohydrates 7.2.4. DNA Reagents 7.2.5. Filter Aids and Diatomaceous Earth 7.2.6. Fluorescent in situ hybridization Reagents 7.2.7. Food Chemistry Kits and Reagents 7.2.8. Others 7.3. Europe Biochemical Market Size and Forecast, by Application (2022-2029) 7.3.1. Pharmaceuticals 7.3.2. Dairy 7.3.3. Automotive 7.3.4. Agriculture 7.3.5. Textile 7.3.6. Food Processing 7.4. Europe Biochemical Market Size and Forecast, by Country (2022-2029) 7.4.1. UK 7.4.2. France 7.4.3. Germany 7.4.4. Italy 7.4.5. Spain 7.4.6. Sweden 7.4.7. Austria 7.4.8. Rest of Europe 8. Asia Pacific Biochemical Market Size and Forecast (by Value USD and Volume Units) 8.1. Asia Pacific Biochemical Market Size and Forecast, by Type (2022-2029) 8.1.1. Biodiesel 8.1.2. Amino Acids 8.1.3. Fine Chemicals 8.1.4. Phytochemicals 8.1.5. Antibiotics 8.1.6. Dyes & Stains 8.2. Asia Pacific Biochemical Market Size and Forecast, by Product Reagent (2022-2029) 8.2.1. Amino Alcohols 8.2.2. Antibody Production and Purification Reagents and Kits 8.2.3. Carbohydrates 8.2.4. DNA Reagents 8.2.5. Filter Aids and Diatomaceous Earth 8.2.6. Fluorescent in situ hybridization Reagents 8.2.7. Food Chemistry Kits and Reagents 8.2.8. Others 8.3. Asia Pacific Biochemical Market Size and Forecast, by Application (2022-2029) 8.3.1. Pharmaceuticals 8.3.2. Dairy 8.3.3. Automotive 8.3.4. Agriculture 8.3.5. Textile 8.3.6. Food Processing 8.4. Asia Pacific Biochemical Market Size and Forecast, by Country (2022-2029) 8.4.1. China 8.4.2. S Korea 8.4.3. Japan 8.4.4. India 8.4.5. Australia 8.4.6. Indonesia 8.4.7. Malaysia 8.4.8. Vietnam 8.4.9. Taiwan 8.4.10. Bangladesh 8.4.11. Pakistan 8.4.12. Rest of Asia Pacific 9. Middle East and Africa Biochemical Market Size and Forecast (by Value USD and Volume Units) 9.1. Middle East and Africa Biochemical Market Size and Forecast, by Type (2022-2029) 9.1.1. Biodiesel 9.1.2. Amino Acids 9.1.3. Fine Chemicals 9.1.4. Phytochemicals 9.1.5. Antibiotics 9.1.6. Dyes & Stains 9.2. Middle East and Africa Biochemical Market Size and Forecast, by Product Reagent (2022-2029) 9.2.1. Amino Alcohols 9.2.2. Antibody Production and Purification Reagents and Kits 9.2.3. Carbohydrates 9.2.4. DNA Reagents 9.2.5. Filter Aids and Diatomaceous Earth 9.2.6. Fluorescent in situ hybridization Reagents 9.2.7. Food Chemistry Kits and Reagents 9.2.8. Others 9.3. Middle East and Africa Biochemical Market Size and Forecast, by Application (2022-2029) 9.3.1. Pharmaceuticals 9.3.2. Dairy 9.3.3. Automotive 9.3.4. Agriculture 9.3.5. Textile 9.3.6. Food Processing 9.4. Middle East and Africa Biochemical Market Size and Forecast, by Country (2022-2029) 9.4.1. South Africa 9.4.2. GCC 9.4.3. Egypt 9.4.4. Nigeria 9.4.5. Rest of ME&A 10. South America Biochemical Market Size and Forecast (by Value USD and Volume Units) 10.1. South America Biochemical Market Size and Forecast, by Type (2022-2029) 10.1.1. Biodiesel 10.1.2. Amino Acids 10.1.3. Fine Chemicals 10.1.4. Phytochemicals 10.1.5. Antibiotics 10.1.6. Dyes & Stains 10.2. South America Biochemical Market Size and Forecast, by Product Reagent (2022-2029) 10.2.1. Amino Alcohols 10.2.2. Antibody Production and Purification Reagents and Kits 10.2.3. Carbohydrates 10.2.4. DNA Reagents 10.2.5. Filter Aids and Diatomaceous Earth 10.2.6. Fluorescent in situ hybridization Reagents 10.2.7. Food Chemistry Kits and Reagents 10.2.8. Others 10.3. South America Biochemical Market Size and Forecast, by Application (2022-2029) 10.3.1. Pharmaceuticals 10.3.2. Dairy 10.3.3. Automotive 10.3.4. Agriculture 10.3.5. Textile 10.3.6. Food Processing 10.4. South America Biochemical Market Size and Forecast, by Country (2022-2029) 10.4.1. Brazil 10.4.2. Argentina 10.4.3. Rest of South America 11. Company Profile: Key players 11.1. Archer Daniels Midland 11.1.1. Company Overview 11.1.2. Financial Overview 11.1.3. Business Portfolio 11.1.4. SWOT Analysis 11.1.5. Business Strategy 11.1.6. Recent Developments 11.2. Marathon Petroleum Corporation 11.3. Hansen A/S 11.4. LIPO Foods 11.5. Neste 11.6. Shell Plc 11.7. Ajinomoto Co., Inc. 11.8. KYOWA HAKKO BIO CO., LTD. 11.9. Evonik Industries AG 11.10. AMINO GmbH 11.11. HERO BX 11.12. Ag Processing Inc. 11.13. VERBIO 11.14. Renewable Energy Group, Inc. 11.15. NOVAOL, Italy 11.16. ARGENT ENERGY 11.17. MOL Group 11.18. Dupont De Nemours & Co ltd 11.19. Martin Bauer GmbH &Co. KG 11.20. Cargill Inc. 11.21. Naturex SA 11.22. IndenaSpA 11.23. Linnea SA 11.24. BASF SE 11.25. Arboris LLC 11.26. Cargill Inc. 12. Key Findings 13. Industry Recommendation